NEW YORK (MarketWatch) -- Gold futures hit a new record high on Tuesday, lifted by weakness in the dollar after Australia hiked interest rates and after a report that Gulf-area oil producers, along with China, Russia, Japan and France, are planning to eventually end dollar-based oil pricing.

With the dollar under selling pressure, investors moved into dollar-denominated commodities, such as gold.

Gold for December delivery rose as high as $1,038.00 an ounce in electronic trade, topping the previous record of $1,033.90 in March 2008. It recently gained $16.30, or 1.6%, to $1,034.10 an ounce.

Pushing through a new high is "very bullish for gold," said Tom di Galoma, strategist at Guggenheim Securities.

The dollar index (DXY76.27, -0.37, -0.49%), a measure of the greenback against a trade-weighted basket of currencies, fell to 76.330 from 76.668 in late trading Monday

I made some money from buying gold one year ago. Bought my gold from Public Bank Gold Saving Account. I am sure this is almost the peak for gold and very hard to go up somemore... The most i give is another 10 to 20% upside from the current level.

About the cycle, i really hope it will happen again. If it happens again then we will have chance to buy equity at a cheaper price! Lolx..